Purchase of Trust Student Loans; Reimbursement. A. The Servicer, the Administrator, the Eligible Lender Trustee and the Indenture Trustee shall give notice to the other parties promptly, in writing, upon the discovery of any breach of the provisions of Section 3.1, 3.2, 3.3 or 3.4 which has a material adverse effect on the interest of the Issuer. In the event of such a material breach which is not curable by reinstatement of the Guarantor’s guarantee of such Trust Student Loan, the Servicer shall purchase the affected Trust Student Loan not later than 120 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event of a material breach with respect to such Trust Student Loan which is curable by reinstatement of the Guarantor’s guarantee of such Trust Student Loan, unless the material breach shall have been cured within 360 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan, the Servicer shall purchase such Trust Student Loan not later than the sixtieth day following the end of such 360-day period. The purchase price hereunder will be the unpaid principal amount of such Trust Student Loan plus accrued and unpaid interest (calculated using the applicable percentage that would have been insured pursuant to Section 428(b)(1)(G) of the Higher Education Act) plus an amount equal to all net forfeited Interest Subsidy Payments and Special Allowance Payments with respect to such Trust Student Loan (to the extent not already included in the purchase price). In consideration of the purchase of any such Trust Student Loan pursuant to this Section 3.5, the Servicer shall remit the purchase price to the Administrator in the manner and at the time specified in Section 2.6 of the Administration Agreement. Any breach that relates to compliance with the requirements of the Higher Education Act or of the applicable Guarantor but that does not affect such Guarantor’s obligation to guarantee payments of a Trust Student Loan will not be considered to have a material adverse effect for purposes of this Section 3.5A.
B. In addition, if any breach of Section 3.1, 3.2, 3.3 or 3.4 by the Servicer does not trigger such purchase obligation but does result in the refusal by a Guarantor to guarantee all or a portion of the accrued interest (or any obligation of the Issuer to...
Purchase of Trust Student Loans; Reimbursement. Each party to this Agreement shall give notice to the other such parties and to the Servicer, the Administrator and Xxxxxx Mae promptly, in writing, upon the discovery of any breach of Seller's representations and warranties made pursuant to Article V hereof which has a materially adverse effect on the interest of the Purchaser in any Trust Student Loan. In the event of such a material breach, Seller shall cure or repurchase any affected Trust Student Loan not later than 270 days following the date of discovery of such material breach. The Seller shall also remit as provided in Section 2.06 of the Administration Agreement on the date of purchase of any Trust Student Loan pursuant to this Article VI an amount equal to all interest amounts with respect to such Trust Student Loan. In consideration of the purchase of any such Trust Student Loan pursuant to this Article VI, the Seller shall remit the Purchase Amount in the manner specified in Section 2.06 of the Administration Agreement.
Purchase of Trust Student Loans; Reimbursement. SECTION 6.01. Purchase of Trust Student Loans; Reimbursement SECTION 6.02. Substitution
Purchase of Trust Student Loans; Reimbursement. (a) The Servicer, the Administrator, the Trustee and the Indenture Trustee shall give notice to the other parties promptly, in writing, upon the discovery of any breach of the provisions of Section 3.01, 3.02, 3.03 or 3.04 which has a materially adverse effect on the interest of the Issuer. In the event of such a material breach, the Servicer shall cure the breach or purchase the affected Trust Student Loan not later than 120 days following the date of discovery of such material breach. The purchase price hereunder will be the unpaid principal amount of such Trust Student Loan plus accrued and unpaid interest with respect to such Trust Student Loan. The Servicer shall remit the purchase price to the Administrator as provided in Section 2.06 of the Administration Agreement on the date of purchase of any Trust Student Loan pursuant to this Section 3.05. In consideration of the purchase of any such Trust Student Loan pursuant to this Section 3.05, the Servicer shall remit the Purchase Amount in the manner specified in Section 2.06 of the Administration Agreement.
(b) [Reserved.]
(c) [Reserved.]
(d) In lieu of repurchasing Trust Student Loans pursuant to this Section 3.05, the Servicer may, at its option, with the prior consent of the Administrator, substitute Student Loans or arrange for the substitution of Student Loans which are substantially similar as of the date of substitution on an aggregate basis to the Trust Student Loans for which they are being substituted with respect to the following characteristics:
(i) status (i.e., in-school, grace, deferment, forbearance or repayment);
(ii) Program type (i.e., Med Loan, LAW Loan, MBA Loan or Signature Loan);
(iii) school type;
(iv) total return;
(v) principal balance; and
(vi) remaining term to maturity. In addition, each substituted Student Loan shall comply, as of the date of substitution, with the representations and warranties made by the Seller in the Seller Sale Agreement. In choosing Student Loans to be substituted pursuant to this subsection (d), the Servicer shall make a reasonable determination that the Student Loans to be substituted will not have a material adverse effect on the Noteholders. In the event the Servicer elects to substitute Student Loans pursuant to this Section 3.05(d) and the Administrator consents to such substitution, the Servicer will remit to the Administrator the amount of any shortfall between the Purchase Amount of the substituted Student Loans and the Purchase Amount of the...
Purchase of Trust Student Loans; Reimbursement. Primary Servicing Fee; Carryover Servicing Fee
Purchase of Trust Student Loans; Reimbursement. Each party to these Master Terms shall give notice to the other parties promptly, in writing, upon the discovery of any breach of Xxxxxx Mae's representations and warranties made pursuant to Section 5(A) and (B) hereof which has a materially adverse effect on the interest of Funding in any Trust Student Loan. In the event of such a material breach which is not curable by reinstatement of the Guarantor's guarantee of such Trust Student Loan, Xxxxxx Mae shall repurchase any affected Trust Student Loan not later than 120 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event of such a material breach which is curable by reinstatement of the Guarantor's guarantee of such Trust Student Loan, unless the material breach shall have been cured within 360 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan, Xxxxxx Xxx shall purchase such Trust Student Loan not later than the sixtieth day following the end of such 360-day period. Xxxxxx Mae shall also remit as provided in Section 2.6 of the Administration Agreement on the date of purchase of any Trust Student Loan pursuant to this Section 6 an amount equal to all non-guaranteed interest amounts and forfeited Interest Subsidy Payments and Special Allowance Payments with respect to such Trust Student Loan. In consideration of the purchase of any such Trust Student Loan pursuant to this Section 6, Xxxxxx Xxx shall remit the Purchase Amount in the manner specified in Section 2.6 of the Administration Agreement.
Purchase of Trust Student Loans; Reimbursement. Primary Servicing Fee; Carryover Servicing Fee Section 3.07. Access to Certain Documentation and Information Regarding Trust Student Loans Section 3.08. Servicer Expenses
Purchase of Trust Student Loans; Reimbursement. Each party to this Agreement shall give notice to the other parties promptly, in writing, upon the discovery of any breach of Xxxxxx Mae's representations and warranties made pursuant to Section 5 hereof which has a materially adverse effect on the interest of Funding in any Trust Student Loan. In the event of such a material breach which is not curable by reinstatement of the Guarantor's guarantee of such Trust Student Loan, Xxxxxx Mae shall repurchase any affected Trust Student Loan not later than 120 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event of such a material breach which is curable by reinstatement of the Guarantor's guarantee of such Trust Student Loan, unless the material
Purchase of Trust Student Loans; Reimbursement. Each party to this Agreement shall give notice to the other such parties and to the Servicer, the Administrator and Sxxxxx Mxx promptly, in writing, upon the discovery of any breach of the Seller’s representations and warranties made pursuant to Article V hereof which has a materially adverse effect on the interest of the Purchaser in any Trust Student Loan. In the event of such a material breach, the Seller shall cure or repurchase any affected Trust Student Loan not later than 270 days following the date of discovery of such material breach. The Seller shall also remit as provided in Section
Purchase of Trust Student Loans; Reimbursement. A. The Servicer, the Administrator, the Eligible Lender Trustee and the Indenture Trustee shall give notice to the other parties promptly, in writing, upon the discovery of any breach of the provisions of Section 3.1, 3.2, 3.3 or 3.4 which has a materially adverse effect on the interest of the Issuer. In the event of such a material breach which is not curable by reinstatement of the Guarantor's guarantee of such Trust Student
